5 Habits of a Highly Successful Fractional CMO
Today’s marketing department is challenged more than ever—with the biggest being their ability to demonstrate competency. Since marketing teams need to collaborate with every function within an organization, they’re stretched thin and/or just unable to keep their heads above water long enough to communicate. What’s worse, they’re often competing with sales for accurate lead data and there is confusion around who is responsible for pipeline activity (if it’s even tracked effectively or not).
The Love/Hate Relationship with Marketing
When sales volume is down, it’s marketing’s fault. When volume is up too much and sales can’t keep up with converting leads, then it is perceived to be a marketing lead quality problem. This typically puts sales and marketing leadership at odds and without a solid marketing strategy with goals that have been vetted and tied to revenue goals, it leaves a lot to interpretation. That’s a marketing leaders’ nightmare. Whether marketing is loved or. hated, it’s never really understood. Without the proper leadership, the marketing function is vulnerable and predisposed to misguided perceptions. Enter the Fractional Chief Marketing Officer (or Fractional CMO).
So what is a Fractional CMO and what should you expect from one?
Fractional Chief Marketing Officer (CMO) Defined
A fractional Chief Marketing Officer is a seasoned marketing leader that has held senior-level marketing roles in the past with companies in your industry sector (preferably) and has experience developing marketing strategy, building revenue pipeline, and measuring/reporting/communicating results. Having a strong analytical and technical background is essential today because the Martech stack is plentiful and integrations are complicated. Fractional CMOs help organizations problem solve on multiple fronts but most of all can improve communication across internal departments with demonstrable KPIs and external stakeholders and create a positive environment for marketing to exist within an organization.
As an emerging marketing model, Fractional CMOs also ensure marketing strategy aligns with all stakeholders across internal and external team members. The biggest advantage of hiring a Fractional CMO includes solving for difficult obstacles quickly while laying the groundwork for demonstrative change—without the time, effort, and expense of recruiting, interviewing, and hiring a full-time executive. Whether you can’t afford a c-level marketing leader, or you need to augment you current leadership, or you need an interim leader in the role, you may want to consider working with a Fractional CMO who can stabilize the function and get it primed for hitting future growth/revenue goals.
Fractional CMO Market Drivers
Along with COVID, the complexities of media management and technology challenges most organizations and often requires the expertise of leaders that are difficult to find. Navigating between insourcing or outsourcing marketing functions requires a more sophisticated assessment and a depth of analysis . All of this has led to the newer model of a Fractional CMO.
“COVID has accelerated the shift from conventional advertising to digital marketing. With this change came increasing digital advertising costs and complexity for business owners. Companies increasingly need a guide to help them through the changes caused by the pandemic. During the pandemic, businesses with a Fractional CMO by their side actually had the expertise they needed with capabilities beyond digital marketing that aided them in surviving the tough times.” —Robert Reiss, The Fast Growing Fractional CMO Model, Forbes 2022
5 Habits of a Successful Fractional CMO
Above their overall experience as a CMO, there are distinct traits that make a Fractional CMO successful. If you’re looking to hire one, look for the following:
They come equipped with marketing frameworks to leverage for each function of marketing and are strong communicators.
They can leverage a network of marketing talent (including agencies) and can easily evaluate for proper fit and provide coaching where needed.
They’re operationally savvy and their goal is to make themselves obsolete.
They can establish performance KPIs that benefit the Board all the way down to the individual contributor.
Their approach requires establishing a short term strategy while laying the groundwork for an annual plan tied to revenue goals.
A successful Fractional CMO is worth the investment within any type of engagement if they meet this criteria because you’re on a solid path to predictable revenue.